Charleston, anyone in the area have any referrals they would share for rehab financing? My first flip is coming to an end and I used a conventional mortgage. I can see great advantages to being able to finance the rehab budget into the original loan amount vs. paying cash during the remodel. I would like to be able to act fast when another opportunity presents itself. I am looking at two different properties now that could be my next project. I would appreciate any ideas in the Charleston area.
I know a BiggerPockets member @Jay Hinrichs , who offers Hard Money financing for projects in Charleston. Jay (and many other lenders) likes for his rehabbers to have some "skin in the game", so he does not do 100% loans. I would recommend that you connect with Jay for financing. You may also have luck finding lenders through the REIA. I have heard several private lenders speak up at meetings.
I find the best way to get anything in life is to ASK. My wife and I secured a private lender in the Charlotte airport while waiting for a plane, simply by explaining our business and responding to his interest in the opportunity to invest with us. I found another lender by chatting in the waiting area of a car repair shop in Charleston - turns out that he had done private lending in the past. If I show a genuine interest in other people's lives and businesses, they tend to ask about mine. If the person is intimidated by what we do for a living, I smile and change the subject to travel or fishing or some other pleasant subject. If the person gets excited, I offer the opportunity to invest. Ask questions, offer opportunities. It works.
I know a great 100% Fix and Flip Program in S.C. It is a tough qualifier with strict 680 mid FICO scores for all involved. Full recourse and spousal guarantee if applicable. Let me know if you would like details.
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